North-east residential lettings market 'remains strong'
News Category: Industry News
Published: 01-Dec-2008
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Letting agents in the north-east are enjoying relatively strong levels of supply and demand compared to other areas of the UK, an expert has suggested.
Richard Sayer, north-east spokesman for the Royal Institution of Chartered Surveyors (Rics) and a partner in Rook Matthews Sayer, said investors are returning to the region following buy-to-let price reductions and the potential for increased yield income, reports the Hexham Courant.
"The buoyancy of the rental market comes as no real surprise given the decline in new housing supply and tenants’ inability to get mortgage funding," Mr Sayer commented.
Landlords using residential lettings software might be able to capitalise on opportunities in the private-rented sector, while the economic downturn is restricting mortgage affordability for would-be homebuyers.
According to statistics released by Rics for the third quarter of 2008, the proportion of the organisation's members reporting a rise in new landlord instructions compared to a fall increased by 56 per cent.
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